• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 48 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days If hydrogen is the answer, you're asking the wrong question
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Oil Prices Set To Rise In 2017 On Balancing Markets

Eco

Friday December 23, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Dollar rally at a turning point?

(Click to enlarge)

- The U.S. dollar has rallied to its strongest level in more than a decade in recent weeks, as the uncertainty surrounding the presidential election disappeared and the Federal Reserve hiked interest rates. The Fed also suggested that the strong labor market could warrant further rate tightening in the quarters ahead.
- At the same time, economic weakness, political uncertainty, and a spate of terrorist attacks in Europe are all weighing on the euro.
- The strong dollar is putting downward pressure on crude oil prices, making oil more expensive for much of the world and thereby pushing down demand. The dollar is offsetting strength in the oil market stemming from the OPEC deal.
- The dollar rally came to a halt in mid-December, reversing somewhat.
- The big question mark will be U.S. policy in the Trump administration. Businesses are confident about prospective tax cuts, but excessive spending could fuel inflation.

2. China’s LNG imports spike

(Click to enlarge)

- China imported a record level of LNG in November – 2.66 million tonnes –…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News